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80 terms

Business Education

Studying for FTCE: Business Education
STUDY
PLAY
COBOL
Programming language that was developed for coding business data. It is the oldest programming language.
BASIC
a popular programming language that is relatively easy to learn
BASIC =
Beginner's All-purpose Symbolic Instruction Code
COBOL =
Common Business Oriented Language
FORTRAN
a high-level programing language for mathematical and scientific purposes.
JAVA
a simple platform-independent object-oriented programming language used for writing applets that are downloaded from the World Wide Web by a client and run on the client's machine
AAUW =
American Association of University Women
FORTRAN =
Formula Translation
AAUW
a nationwide network that works for the advancement of equity for women and girls through advocacy, education, philanthropy, and research.
EEOC =
The US Equal Employment Opportunity Commission.
EEOC
enforces federal laws that make it ilegal to discriminate against a job applicant or an employee because of the persons reace, color, religion, sex (including pregnancy), national origin, ago, disability or genetic information.
NBEA (stands for...)
National Business Education Association
NBEA
Professional organization devoted exclusively to serving individuals and groups engaged in instruction, administration, research, and dissemination of information for and about business.
OSHA =
Occupational Safety and Health Administration
OSHA
An organization intended to assure safe and healthful working conditions for working men and women by setting and enforcing standards and providing training, outreach, education and assistance.
balancing
verifying all the transactions on your account to make certain your records match the bank.
financial statement
A written report of the financial condition of a firm. Includes balance sheet, income statement, statement of changes in net worth and statement of cash flow.
income statement
a financial document that shows how much money (revenues) came in and how much money (expenses) was paid out
sales
the gross revenue generated from the sale of something less returns (cancellations) and allowances (reduction in price for discounts taken by customers).
gross profit
the amount of direct profit associated with the actual manufacturing of the item sold. Calculated as sales less the cost of goods sold.
fixed assets
Longterm or relatively permanent tangible assets such as equipment, machinery, and buildings that are used in the normal business operations and that depreciate over time.
owner's equity
amount of money that owners would receive if they sold all of a firm's assets and paid all of its liabilities
footing
The total of the debit column or credit column of an account.
journalizing
The process of recording business transactions in a journal. Generally includes date, ledger account to be debited and amount, ledger account to be credited and amount, description and cross-reference to the general ledger.
posting
Process of transferring debit and credit amounts from journals to the ledgers
ledger
a specialized accounting book or computer program in which information from accounting journals is accumulated into specific categories and posted so that managers can find all the information about one account in the same place
corporation
business owned by many investors who buy shares of stock and risk only the amount of their investment. An organization with the legal rights of a person and which many persons may own.
mutual agency
Right of all partners in a partnership to act as agents for the normal business operations of the partnership, and their responsibility for their partners business related (but not personal) actions.
partnership
Business organization in which two or more individuals pool money, skills, and other resources, and share profit and loss in accordance with terms of the partnership agreement.
sole proprietorship
a business owned and operated by a single person. One individual acquires all the benefits and risks of running an enterprise.
BPA =
Business Professionals of America
BPA
the leading career technical student organization for students pursuing careers in business management, office administration, information technology and other related career fields.
FBLA =
Future Business Leaders of America
FBLA
A non-profit education association for students preparing for careers in business and business-related fields.
SIEC/ISBE =
La Societe Internationale pour l'Enseignement Commercial/ The International Society for Business Education
ISBE
A professional organization promoting education about business for students at all levels of the educational spectrum. Provide a network to promote international business education.
FBTEA =
Florida Business Technology Education Association
FACTE =
Florida Association for Career and Technical Educators
ACTE =
Association for Career and Technical Education
ACTE
national education association dedicated to the advancement of education that prepares youth and adults for careers.
trade bloc
A group of countries that work together to promote trade with one another.
NAFTA =
North American Free Trade Agreement
NAFTA
an agreement to remove most barriers to trade and investment among the United States, Canada, and Mexico.
free trade
international trade free of government interference
trade barrier
a block in international trade put in place by the government
wage rate
This is the compensation workers receive in exchange for their labor per unit time - the price of labor. Usually calculated as dollars paid times hours worked. Prevailing pay scale for work performed in an occupation.
enclosure notation
a special notation at the end of a letter that indicates that an item(s) is included with the letter, usually the word Enclosure.
reference initials
initials of the person that typed the letter or memo if different from the writer; initials should be double-spaced after the body and typed in lowercase
signature line
the signature of the originator of the message that is signed between the complimentary close and the writer's name
Smith Hugh Act
National Vocational Education Act of 1917 was an act of the United States Congress that promoted vocational agriculture to train people "who have entered upon or who are preparing to enter upon the work of the farm," and provided federal funds for this purpose.
George-Deen Act
In 1936, the United States government instituted this vocational law. It provided federal funds to states to improve vocational education in public schools and colleges. This law extended funding to workers in "distributive" occupations.
George-Barden Act
In 1946 the Federal government allowed vocational guidance to become a reimbursable activity; no specific appropriation was authorized but allowed for adaptation in the future by the needs of the states.
Perkins Vocational Education Act
Created in 1984, often referred to as the Perkins Act, authorizes federal funds to support vocational education programs. This was an act used to enhance occupational training opportunities for persons of all ages and backgrounds by providing financial assistance to technical programs and high schools and post high school institutions not offering degrees.
collective bargaining
Process by which a union representing a group of workers negotiates with management for a contract
employment-at-will
A common law doctrine under which either party may terminate an employment relationship at any time for any reason, unless a contract specifies otherwise.
implied covenant
A promise that the employer and the employee will be fair in their dealings with each other.
right to work
Refers to statutes that prohibit unions from making union membership a condition of employment.
"Tomorrows Business Leader"
Our high school and middle level student member magazine is published four times during the school year. Tomorrow's Business Leader features interviews with successful business leaders and articles on leadership, career options, postsecondary education alternatives, job-building skills, FBLA-Middle Level programs and services, and local chapter news.
administrative law
The body of law created by administrative agencies (in the form of rules, regulations, orders, and decisions) in order to carry out their duties and responsibilities.
common law
system of law that is the same for all people, based on court decisions that have become accepted legal principles
constitutional law
law that involves the interpretation and application of the U.S. Constitution and state constitutions
legislative law
Law created by lawmaking bodies such as Congress and state assemblies. Also called statutory law.
Bait and Switch
a deceptive way of selling that involves advertising a product at a very low price in order to attract customers who are then persuaded to switch to a more expensive product
4 functions of management
Planning, Organizing, Leading, Controlling
asset
Economic resource that is expected to be of the benefit in the future.
liabilities
the creditor's claims to the assets of the business
capital
wealth in the form of money or property owned by a person or business and human resources of economic value
appendix
A section of additional information at the end of a document.
bibliography
the written list of all the sources used in a report or book
Parts of a business letter
Sender's Address (unless on letterhead), Date, Inside Address (recipients name), Salutation, Body, Closing, Signature line, Enclosures, Typist initials
matrix organization
organizes employees into temporary work teams to complete specific projects
hierarchical organization
information is organized based on a hierarchy of categories, subcategories and shared features.
flat organization
An organization with relatively few levels in its hierarchy of authority.
internet
a computer network consisting of a worldwide network of computer networks that use the TCP/IP network protocols to facilitate data transmission and exchange
intranet
a restricted computer network, a network designed for the exclusive use of computer users within an organization that cannot be accessed by users outside the organization
LAN
a local computer network for communication between computers
Wide Area Network
A computer network that covers a large geographical area. Most WANs are made up of several connected LANs.
modem
a device that lets your computer communicate through standard telephone lines for connection to the internet, other modems, or communications devices
router
connects multiple computers to each other as well
as to a WAN like the Internet.
vocational education act of 1963
Improve quality of education and technical training to better train baby boomers.